Delper Global Trust Infrastructure: Executive Summary and Investment Plan
Revised draft. GMV in every year is capped at 70% of base world GDP. Capital, revenue, investor receipts, payback, and the Year 11 figures are recalculated on that basis.
1. Rollout Plan
| Phase | Years | Scope |
|---|---|---|
| Regional entry | Years 1 to 3 | APAC, Asia, USA, Europe |
| Global | Years 3 to 5 | Global coverage across commodity and e-commerce rails, phased in from Year 3 |
| Global plus sovereign BOOT | Years 6 to 11 | Global coverage with BOOT concessions for customs and logistics infrastructure |
Year 11 GMV of $123.51T is capped at 70% of world GDP and is about 1350% of the $9.15T addressable pool. Reaching it requires the market to be used at that scale.
2. Operating Flow
| Step | Party or system | Role |
|---|---|---|
| 1. Onboarding | Proxtera | Single API endpoint that onboards global buyers and vendors |
| 2. Order and bidding | SAP S/4HANA with real-time bidding | Vendors bid on price and delivery for each order; the lowest qualifying offer is selected |
| 3. Escrow | Tazapay | Holds buyer funds until goods pass inspection |
| 4. Quality control | SGS | Independent inspection with pass and fail webhooks |
| 5. Release | Ledger and bonded warehouse | On pass, funds are released to the vendor; on fail, the credit line is reversed |
| 6. Delivery to door | Logistics providers selected by bidding | Goods move from the warehouse to the buyer at the winning bid's price and terms |
Escrow, doorstep delivery, and all other costs are charged to the customer as extra, outside the 40% pool. They are not included in the revenue split or the payback figures, and they raise the buyer's landed price.
3. Revenue Streams
Stream 1: Software take rates
Delper removes a 5.1% share of the traditional friction cost, leaving a take rate of 24.2% on consumer and high-margin goods and 15.184% on premium commodities. Transactions must be at least USD 300.
Stream 2: Liquidity spread
Delper lends from its reserves on 14 to 90 day facilities at a stated 6.5% p.a. Partner banks take a 0.5% p.a. frontending fee, leaving Delper a 6.0% p.a. net spread secured by bonded cargo. On the revenue basis used here, this spread sits inside the 24.2% of turnover, so it is not added on top.
Stream 3: Sovereign BOOT concessions
Delper funds customs ports, logistics hubs, and data centers under 10-year build-own-operate-transfer contracts, and applies the 15.184% rate to port duties and clearing fees. BOOT activity begins in Year 6.
4. Turnover Targets
Turnover is capped at 26, the full capacity of a 14-day cycle. GMV is also capped at 70% of world GDP. All reserve funds, including the $2.21M of trading capital, are carried into next year's capital.
| Turns per year | Purpose | Result |
|---|---|---|
| 23.7 | Minimum to reach 70% of global GDP by Year 11, at base GDP | Within the 26-turn cap; the GDP cap is not binding before Year 11 |
| 5.0 | Minimum for a 7-year investor payback on flat revenue | Investor repaid within 7 years (carried over from the earlier draft; not re-derived) |
| 26 | Plan turnover from Year 2 (Year 1 is 17.6) | GDP cap binds from Year 11; effective turns fall to 12.1 in Year 11 and 1.6 by Year 15 |
Year 1 turnover is $39.0M of GMV, using $2.21M of trading capital at 17.6 turns. Revenue is 24.2% of turnover, which gives $9.44M. With 60% reinvested after tax, Year 1 closes at $7.88M: the $5.66M reinvested plus the $2.21M trading capital. That is Year 2's opening capital.
5. Bottom Line
Delper connects global buyers and vendors through one integration layer, holds payment in escrow, checks quality at an independent inspection stage, and sources orders through competitive bidding on price and logistics. Revenue comes from a software take rate, a liquidity spread, and, from Year 6, sovereign BOOT concessions. At 26 turns from Year 2, GMV reaches the 70% cap in Year 11 and is held there. From that year, turnover falls as capital grows faster than GDP. The investor is repaid in about 2.0 years. The 70% cap compares transaction volume (GMV), which counts each step of a chain, with GDP, which counts only final output. It is a ceiling set by assumption, not a measured share of economic output.
6. Use of the $4.0M Investment
All of the investment is capitalised as CapEx. Of that, $2.214M is Year 1 trading capital and $1.786M is set-up spend.
| Item | Amount | Year 1 trading capital? |
|---|---|---|
| Business process initial investment (SAP BTP middleware, Signavio process mapping, transfer pricing) | $864,000 | Yes |
| Singapore incorporation and licensing | $250,000 | No |
| SAP S/4HANA ERP licence and implementation | $386,000 | No |
| Local partner expense | $400,000 | No |
| Office setup | $200,000 | No |
| Technology expense | $400,000 | No |
| SGS quality webhook integration | $150,000 | No |
| Initial liquidity reserve | $1,000,000 | Yes |
| Contingency (balance) | $350,000 | Yes |
| Total CapEx | $4,000,000 | $2,214,000 trading |
Year 1 uses of funds
| Use | Amount | Funded from |
|---|---|---|
| CapEx (nine items above) | $4,000,000 | Investment |
| Year 1 OpEx | $336,000 | Year 1 revenue |
| Total Year 1 uses | $4,336,000 |
7. Year 1 Revenue Split
Pretax profit is 72.3% of revenue, which is revenue less OpEx (3.56%) and CapEx repayment (24.15%). Income tax at 17% is paid from it, leaving 60% of revenue to reinvest after tax. Treating CapEx repayment as deductible is an assumption to confirm with the tax adviser.
| Use of revenue | Share | Amount |
|---|---|---|
| Reinvested into the reserve (after tax) | 60.00% | $5,664,000 |
| Income tax (17% of pretax of 72.3%) | 12.29% | $1,160,096 |
| OpEx (fixed) | 3.56% | $336,000 |
| CapEx repayment | 24.15% | $2,279,904 |
| Total revenue | 100% | $9,440,000 |
Bridge from Year 1 turnover to Year 2 opening capital
| Bridge line | Amount |
|---|---|
| Year 1 turnover (GMV) | $39,000,000 |
| Year 1 trading capital ($864K business process, $1.0M liquidity reserve, $350K contingency) | $2,214,000 |
| Year 1 turns (turnover ÷ trading capital) | 17.6 |
| Revenue at 24.2% of turnover | $9,440,000 |
| Less OpEx (fixed) | ($336,000) |
| Less income tax (17% of pretax) | ($1,160,096) |
| Less CapEx repayment | ($2,279,904) |
| Reserve reinvested from revenue (60% after tax) | $5,664,000 |
| Year 2 opening capital (reinvested reserve plus trading capital) | $7,878,000 |
The remaining $1.786M of set-up spend is not turned over.
8. Investor Return and Payback
The CapEx repayment stream is 24.15% of revenue. The investor is repaid from its 25% share of that stream, which is 6.04% of revenue (25% × 24.15%).
| Revenue assumption | Annual receipt to investor | Payback |
|---|---|---|
| Flat Year 1 revenue ($9.44M) | $569,976 | About 7.0 years |
| Plan at 26 turns from Year 2, GMV capped at 70% of GDP (opening capital $7.88M) | $2.99M a year in Year 2 | About 2.0 years |
Targets
- 7-year payback: needs $571,000 a year to the investor, or $9.5M of revenue a year on average, about 100% of Year 1 revenue. Flat Year 1 revenue misses it by about 0.2%.
- 4-year payback: needs $1.0M a year to the investor, or $16.6M of revenue a year on average.
These figures exclude any employee option pool or future rounds. A 10% option pool created before the round would reduce the investor's stake below 25%.
9. Plan Turnover and Payback
Turnover is 17.6 in Year 1, when the trading capital is $2.21M and GMV is $39.0M. From Year 2 it is 26 applied to the prior year's closing capital, but GMV is capped at 70% of world GDP. The cap first binds in Year 11, so turns fall from that year. Repayment passes $4.0M in Year 3, at about 2.0 years.
| Year | Turns (effective) | GMV | Take-rate revenue | Investor receipt | Cumulative |
|---|---|---|---|---|---|
| 1 | 17.6 | $39.00M | $9.44M | $570K | $570K |
| 2 | 26.0 | $204.83M | $49.57M | $2.99M | $3.56M |
| 3 | 26.0 | $978.09M | $236.70M | $14.29M | $17.85M |
| 4 | 26.0 | $4.67B | $1.13B | $68.24M | $86.09M |
| 5 | 26.0 | $22.30B | $5.40B | $325.86M | $411.96M |
| 6 | 26.0 | $106.50B | $25.77B | $1.56B | $1.97B |
| 7 | 26.0 | $508.57B | $123.07B | $7.43B | $9.40B |
| 8 | 26.0 | $2.43T | $587.70B | $35.48B | $44.88B |
| 9 | 26.0 | $11.60T | $2.81T | $169.43B | $214.32B |
| 10 | 26.0 | $55.38T | $13.40T | $809.09B | $1.02T |
| 11 | 12.1 | $123.51T | $29.89T | $1.80T | $2.83T |
9a. Capital Breakup by Year
Year 0 is the $4.0M investment, of which $2.214M is trading capital and $1.786M is set-up spend. From Year 2, opening capital is the prior closing capital. GMV is the lower of opening capital times 26 and 70% of base world GDP. Revenue is 24.2% of GMV, and revenue is split as shown. OpEx is 3.56% of revenue from Year 2; Year 1 OpEx is the fixed $336,000.
| Year | Opening capital | Turnover (GMV) | Revenue | Income tax (12.29%) | OpEx (3.56%) | CapEx repayment (24.15%) | Reinvested (60%) | Closing capital | Investor receipt (6.04%) |
|---|---|---|---|---|---|---|---|---|---|
| 0 (investment) | $4.00M | — | — | — | — | — | $2.21M trading; $1.79M set-up | — | — |
| 1 | $2.21M | $39.00M | $9.44M | $1.16M | $336K | $2.28M | $5.66M | $7.88M | $570K |
| 2 | $7.88M | $204.83M | $49.57M | $6.09M | $1.76M | $11.97M | $29.74M | $37.62M | $2.99M |
| 3 | $37.62M | $978.09M | $236.70M | $29.09M | $8.43M | $57.16M | $142.02M | $179.64M | $14.29M |
| 4 | $179.64M | $4.67B | $1.13B | $138.91M | $40.24M | $272.96M | $678.17M | $857.81M | $68.24M |
| 5 | $857.81M | $22.30B | $5.40B | $663.33M | $192.15M | $1.30B | $3.24B | $4.10B | $325.86M |
| 6 | $4.10B | $106.50B | $25.77B | $3.17B | $917.53M | $6.22B | $15.46B | $19.56B | $1.56B |
| 7 | $19.56B | $508.57B | $123.07B | $15.13B | $4.38B | $29.72B | $73.84B | $93.40B | $7.43B |
| 8 | $93.40B | $2.43T | $587.70B | $72.23B | $20.92B | $141.93B | $352.62B | $446.02B | $35.48B |
| 9 | $446.02B | $11.60T | $2.81T | $344.90B | $99.91B | $677.74B | $1.68T | $2.13T | $169.43B |
| 10 | $2.13T | $55.38T | $13.40T | $1.65T | $477.08B | $3.24T | $8.04T | $10.17T | $809.09B |
| 11 | $10.17T | $123.51T | $29.89T | $3.67T | $1.06T | $7.22T | $17.93T | $28.10T | $1.80T |
The investor receipt is 25% of the CapEx repayment stream (24.15% of revenue), which is 6.04% of revenue. Closing capital reaches $28.10T by the end of Year 11.
10. Reinvestment and the 11-Year Path
Each year the full capital is deployed, up to the GMV cap. GMV equals opening capital times turns, limited to 70% of base world GDP. Revenue is 24.2% of GMV. Sixty percent of revenue, after tax, is added to the capital. The last column shows the share of base GDP that GMV would reach without the cap, for reference.
| Year | Base global GDP | GMV (capped) | Share of base GDP (capped) | Uncapped share, for reference |
|---|---|---|---|---|
| 1 | $126.30T | $39.00M | 0.00% | 0.00% |
| 2 | $130.59T | $204.83M | 0.00% | 0.00% |
| 3 | $135.03T | $978.09M | 0.00% | 0.00% |
| 4 | $139.63T | $4.67B | 0.00% | 0.00% |
| 5 | $144.37T | $22.30B | 0.02% | 0.02% |
| 6 | $149.28T | $106.50B | 0.07% | 0.07% |
| 7 | $154.36T | $508.57B | 0.33% | 0.33% |
| 8 | $159.61T | $2.43T | 1.52% | 1.52% |
| 9 | $165.03T | $11.60T | 7.03% | 7.03% |
| 10 | $170.64T | $55.38T | 32.45% | 32.45% |
| 11 | $176.44T | $123.51T | 70.00% | 149.87% |
In Year 11, uncapped GMV would reach 149.87% of base GDP. With the cap, GMV is $123.51T, which is 70% of base GDP. The cap binds from Year 11 and holds at 70% after that, provided base GDP grows at 3.4% a year.
10a. Recursive Turnover and End-Customer Test
Capital is not withdrawn. The reinvested capital stays in the ecosystem and funds each 14-day cycle, and only the 40% pool (OpEx, income tax, and CapEx repayment) is paid out. This holds only if vendor payments and buyer collections settle within each cycle, so the full balance is free again at the next turn.
The end customer is the buyer, so turnover is recursive. The same buyer money is counted at each step of a chain. End-customer spend is therefore GMV divided by the chain depth, the number of steps a buyer's dollar passes through before it is consumed. Year 11 GMV of $123.51T is tested below against base world GDP of $176.44T.
| Chain depth (steps per end sale) | End-customer spend, Year 11 | Share of base world GDP |
|---|---|---|
| 1 | $123.51T | 70% |
| 1.5 | $82.34T | 47% |
| 2 | $61.76T | 35% |
| 3 | $41.17T | 23% |
| 5 | $24.70T | 14% |
What this requires
- The cap keeps GMV at or below 70% of world GDP, so end-customer spend stays within world GDP at any chain depth of 1 or more.
- Average chain depth for the commodity and e-commerce flows needs evidence. It is an input, not a finding, and it determines how much of GMV is final consumption.
- Settlement within each cycle needs evidence. Any part of the book that settles more slowly cannot turn 26 times.
11. Plan Option: GMV Capped at 70% of World GDP
One cycle every 14 days, the full 14-day cycle capacity. GMV is held at 70% of world GDP from Year 11. Turns fall to 12.1 in Year 11 and 1.6 by Year 15, because capital grows faster than GDP.
| Year | GMV (capped) | Share of base GDP | Effective turns |
|---|---|---|---|
| 1 | $39.00M | 0.00% | 17.6 |
| 5 | $22.30B | 0.02% | 26.0 |
| 8 | $2.43T | 1.52% | 26.0 |
| 9 | $11.60T | 7.03% | 26.0 |
| 10 | $55.38T | 32.45% | 26.0 |
| 11 | $123.51T | 70.00% | 12.1 |
| 12 | $127.71T | 70.00% | 4.5 |
| 13 | $132.05T | 70.00% | 2.8 |
| 14 | $136.54T | 70.00% | 2.1 |
| 15 | $141.19T | 70.00% | 1.6 |
Conditions
- Demand: Year 11 GMV of $123.51T is about 1350% of the $9.15T addressable pool the document sizes across all rails.
- Scale: $123.51T is about 494% of world merchandise exports, which are roughly $25T a year.
- GDP: The cap sets GMV at 70% of world GDP, which assumes the platform carries 70% of all economic activity in the sectors it serves. The model does not test whether any market could supply that share.
12. BOOT-Linked GDP Sensitivity
As sovereign BOOT infrastructure is built, global GDP rises above the base path. The uplift is 0% through Year 5, then rises in a straight line, reaching 1.2% by Year 11. This is a judgement, not a result derived from the document, which gives no link between BOOT and GDP. The GMV cap is applied to base GDP in this section, not to the uplifted figure.
| Year | Uplift on base | Adjusted GDP | Base GDP |
|---|---|---|---|
| 5 | 0.0% | 144.38T | 144.38T |
| 6 | 0.2% | 149.59T | 149.29T |
| 7 | 0.4% | 154.98T | 154.36T |
| 8 | 0.6% | 160.52T | 159.56T |
| 9 | 0.8% | 166.34T | 165.02T |
| 10 | 1.0% | 172.32T | 170.61T |
| 11 | 1.2% | 178.55T | 176.42T |
| Target | Base case | With BOOT uplift |
|---|---|---|
| 70% of GDP by Year 11 (minimum turnover) | 23.7 turns | 23.7 turns |
| 7-year investor payback, flat revenue (carried over; not re-derived) | 5.0 turns | 5.0 turns |
13. Risks
- Cap binding: From Year 11, GMV is held at 70% of world GDP while capital keeps growing. Effective turns fall from 26 to 12.1 in Year 11 and 1.6 by Year 15, so the 26-turn assumption stops applying after Year 10.
- Capacity: 26 turns means a full 14-day cycle every year from Year 2, with no slack for delay, default, or disruption.
- Year 1 capital: Year 1 turnover of $39.0M rests on $2.214M of trading capital. Set-up spend of $1.786M is not turned over.
- Demand: Year 11 volume of $123.51T needs a market about 13.5 times the addressable pool the document sizes.
- Customer pricing: Passing all other costs to customers raises the landed price. That weakens the best-price claim and may reduce volume.
- Integration dependency: Disruption of SAP BTP Event Mesh or Proxtera endpoints would create transaction backlogs.
- Regulatory exposure: Antitrust review by the US FTC or European Commission remains a risk. The antitrust immunity claim for BOOT concessions has no cited legal basis.
- Banking treatment: Basel III ratios apply to a bank's own capital, so the treatment of reserves inside partner banks needs a regulatory opinion.
- Licensing and settlement: Netting cannot remove settlement with parties outside the network, and licences for payment, lending, and custody in each market need confirming.
- Income tax basis: Tax is 17% of pretax profit, with pretax taken as 72.3% of revenue. The pretax base needs confirmation with a Singapore tax adviser.
14. Open Items Before Investment
- Evidence that the plan can sustain 26 turns from Year 2, the full 14-day cycle.
- Evidence that the market could supply GMV at 70% of world GDP by Year 11, and the basis for the GDP path.
- Confirmation of the pretax base, including whether CapEx repayment is deductible, and the income tax treatment, with a Singapore tax adviser.
- Treatment of the $1.0M liquidity reserve as CapEx or working capital, to confirm with an auditor.
- Signed agreements or public confirmation for Proxtera, Tazapay, SGS, and each partner bank and government partner.
- Escrow, bidding, logistics, and all other costs passed to customers, which are not yet costed in the investment plan. Confirm the principal or agent treatment with the accountant.
- Legal basis for antitrust immunity and the regulatory treatment of reserves under Basel III.
- Average chain depth for the commodity and e-commerce flows, which determines how much GMV becomes final consumption.
- Evidence that vendor payments and buyer collections settle within each 14-day cycle, with no withdrawal of reinvested capital.
- Option pool terms, which would reduce the investor's 25% stake.
15. Verdict
The plan is structurally coherent: a $4.0M CapEx programme is funded by the investment, Year 1 operating costs are met from revenue, and the investor is repaid from its share of the CapEx stream. With all reserve funds carried forward, turnover capped at 26, and GMV capped at 70% of world GDP, the plan repays the investor in about 2.0 years and reaches the GMV cap in Year 11. After that year, the cap limits growth to GDP, and turnover falls as capital outgrows it. Holding 70% of world GDP as transaction volume is a strong demand assumption that the document does not evidence. Treat the figures as projections, and confirm the open items before any commitment.
16. Exit Paths
The investor's return in Sections 8 and 9 comes only from the CapEx repayment stream, which pays 6.04% of revenue each year. The document does not set out how the investor can sell its shares or otherwise exit before the stream runs. This section sets out the routes, the conditions each one depends on, and a modelled value for a sale. None of the routes has been agreed, and the valuation multiples below are assumptions, not market evidence.
| Route | Who acquires or pays | Conditions |
|---|---|---|
| Trade sale | A strategic buyer, such as a bank, logistics group, or marketplace | Audited accounts, proven settlement within each cycle, and licences in each target market. The buyer takes over the CapEx repayment stream with the company. |
| Secondary sale | Another investor buys the investor's shares | A transfer right in the shareholder agreement, and a buyer willing to accept the stream at its current revenue. |
| Buyback | The company repurchases the shares from its reserves | Not recommended in this model. It would withdraw capital from the ecosystem, which conflicts with the principle in Section 10a that reinvested capital is not withdrawn. |
| IPO | Public market investors | Audited multi-year accounts, a board with independent directors, and a listing venue. This is not realistic within the first five years on the current plan. |
Modelled sale value
The table applies a revenue multiple to the company's revenue in the exit year. The investor's value is 25% of that figure. The last column also deducts a 10% employee option pool, which would reduce the investor's stake to 22.5%. Figures are before tax, fees, and transaction costs.
| Exit year | Revenue multiple | Company revenue | Implied company value | Investor value (25%) | Investor value after 10% pool |
|---|---|---|---|---|---|
| Year 3 | 2x | $236.70M | $473.40M | $118.35M | $106.51M |
| Year 3 | 5x | $236.70M | $1.18B | $295.87M | $266.29M |
| Year 3 | 10x | $236.70M | $2.37B | $591.75M | $532.57M |
| Year 5 | 2x | $5.40B | $10.79B | $2.70B | $2.43B |
| Year 5 | 5x | $5.40B | $26.99B | $6.75B | $6.07B |
| Year 5 | 10x | $5.40B | $53.97B | $13.49B | $12.14B |
What the table shows
- The multiple drives the result. At Year 3 revenue, a 5x multiple gives the investor about $295.87M, compared with about $17.85M of stream receipts by Year 3. The multiple is an assumption that no evidence in the document supports.
- Stream and sale overlap. A buyer pays for the company, including the future repayment stream. The investor should not count both the stream and the full sale value without an agreement that separates them.
- Dilution matters. Any option pool or later round reduces the investor's share, as the 10% column shows.
Conditions before any exit
- Shareholder agreement terms covering transfer rights, drag-along and tag-along, and pre-emption.
- An independent valuation at the exit date, not the multiple used here.
- Evidence that the platform is running at the planned turnover, so a buyer can rely on the revenue figures.
This summary sets out projections and assumptions for general informational purposes only. It is not an offer, solicitation, or recommendation to buy, sell, or invest in any security, company, or financial product. The projections, revenue figures, fee structures, tax treatment, reserve balances, and timelines are management assumptions that have not been independently verified. Readers should consult qualified financial, legal, and tax advisers before making any investment decision.